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Given how dominant #Canada’s homegrown #banks are, any international bank that tries to compete faces “an additional regulatory burden for what would begin as a small prize,” said James R. Thompson, assoc prof of #finance at the U of Waterloo.

The upshot is that #US banks have minimal operations in Canada. The largest American lender, JPMorgan Chase, says it has roughly 600 employees in Canada, out of >300k worldwide.